One of the first things a client will ask me as we walk around their property for the first time, “How long will it take to sell my Windsor property?”
There is no correct answer for this as it really depends on the market. In a seller’s market, homes obviously go quickly. Yet, in a buyer’s market, houses can sit despite the fact that they are priced correctly and in a good neighbourhood. But believe me when I say the following: An overpriced home takes longer to sell. And the longer it sits on the market, the more a seller will need to lower the price.
But on average, a well priced home in a high demand market, could sell quickly, perhaps in less than three weeks or shorter. Let me explain why:
Average Days On Market:
This is an expression that real estate agents know all too well: Average days on the market. Every agent should be able to give a buyer this information at the drop of a hat. This is a number that matters. When a buyer sees that a home has been on the market longer than average, they believe something may be very wrong with the house because why else wouldn’t it sell? Maybe it’s priced to high, or in need of repairs. Perhaps the flow of the home isn’t good or it needs updating. Regardless, buyers assume, correctly or not, that something is wrong.
How Does A House Sell Quickly?
Sometimes it is just plain luck. Maybe a buyer is looking for a home exactly like yours and will grab it quick before anyone else can see it and make an offer. But usually, it boils down to the following:
Price: Again, an overpriced home will sit on the market. A property that is priced correctly, or even a bit lower, will sell in a busy market. If you are selling a high-priced property, these tend to stay on the market longer as there are fewer buyers for higher end homes.
Location: If you have a home that is in an excellent and highly desirable area, there will be more demand. Families want good schools, close to entertainment and shorter commutes to work. If you live in an area that is surrounded by crime, commercial buildings or worse yet, a toxic dump, then chances are, it will may take a while.
Condition: It’s simple: If a home is in very good shape, buyers notice. If a house has seen better days, then it sits. Most buyers want a sparkling clean property with as little repair and updating as possible.
Marketing: I’m adding marketing to this list because I see so many homes for sale that do little promotion. They have zero Internet exposure and to me, this is like shooting yourself in the foot. If you have a home that needs to be sold quickly, then a seller must take advantage of advertising that property where buyers will find it. This means using social media, such as Facebook, Twitter and YouTube. A smart and dedicated marketing campaign gets the word out to the 90 percent of buyers who start their home search online.
Professional Real Estate Agent: If you want your home to sell quickly, chances are, it won’t be done if you attempt to do it yourself. A full-time professional agent is worth their weight in gold when you want to sell sooner, rather than later. Good agents will constantly be promoting your property, they have a wide variety of contacts and they know how to get top dollar in an ever-changing market. Think about it this way, the longer your home is for sale, you are still making mortgage, insurance and utility payments. Research also shows that trying to sell a home FSBO actually LOSES money for the homeowner.
Curb Appeal: A home with good curb appeal attracts buyers. A house that is well cared for by the seller means more buyers will make an appointment to view the house. Again, you only have one chance to make that first impression and when selling your home, that is obviously the outside of your home. The majority of buyers won’t go inside if they don’t like what they see on the outside because they assume (correctly most of the time) that the interiors are a mess as well.
So while we don’t have a magic number or cannot guarantee when a house will sell, we can tell you that following the above steps will more than likely get your home sold faster. Homes that are well priced, in desirable neighbourhoods, well cared for, promoted by a well-respected agent, have all the ingredients for a fast sale.